Cash remittances grow 8.6 pct, at 3-month low

Reuters

Posted at Mar 15 2017 05:26 PM

MANILA - Cash remittances, or money sent to the Philippines from abroad through banks, rose 8.6 percent in January to $2.17 billion, the lowest in three months.

Personal remittances, which represent the sum of net compensation, household-to-household transfers in cash and kind, and capital transfers of overseas Filipino workers, grew 8.5 percent to $2.4 billion.

The Philippines is one of the world's largest recipients of remittances, with millions of Filipinos working overseas sending home money that helps power domestic consumption, a key driver of economic growth.

The government had said the peso's weakness to the P50 per dollar level would boost the value of remittances and aid consumption. -- with ABS-CBN News